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No Fee Apartments for Rent

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4 Bedrooms, Lincoln Square Rental in NYC for $49,000 - Photo 1 4 Bedrooms, Lincoln Square Rental in NYC for $49,000 - Photo 2
4 days ago
Broadway
Lincoln Square, Upper West Side, Upper Manhattan, Manhattan
$49,000 4 Bed 5 Bath
By David Biton
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No Fee
  Doorman · Elevator · Laundry in Unit · Hardwood Floors
5 Bedrooms, Tribeca Rental in NYC for $37,995 - Photo 1 5 Bedrooms, Tribeca Rental in NYC for $37,995 - Photo 2
5 days ago
Copy of Washington Street
Tribeca, Downtown Manhattan, Manhattan
$37,995 5 Bed 5 Bath
By Ryan Siciliano
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No Fee
  Doorman · Elevator · Laundry in Unit
2 Bedrooms, Upper East Side Rental in NYC for $36,000 - Photo 1 2 Bedrooms, Upper East Side Rental in NYC for $36,000 - Photo 2
6 hours ago
East 65th Street
Upper East Side, Upper Manhattan, Manhattan
$36,000 2 Bed 2 Bath
By Felipe Porto
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No Fee
  1,377 ft² · Doorman · Elevator · Hardwood Floors · Furnished
4 Bedrooms, SoHo Rental in NYC for $34,995 - Photo 1 4 Bedrooms, SoHo Rental in NYC for $34,995 - Photo 2
6 hours ago
Spring St
SoHo, Downtown Manhattan, Manhattan
$34,995 4 Bed 4.5 Bath
By Felipe Porto
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No Fee
  4,131 ft² · Laundry in Unit · Hardwood Floors
4 Bedrooms, Financial District Rental in NYC for $33,000 - Photo 1 4 Bedrooms, Financial District Rental in NYC for $33,000 - Photo 2
4 days ago
Spruce Street
Financial District, Downtown Manhattan, Manhattan
$33,000 4 Bed 3.5 Bath
By Manja Saveljic
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No Fee
  Doorman · Elevator · Laundry in Unit
3 Bedrooms, Tribeca Rental in NYC for $31,500 - Photo 1 3 Bedrooms, Tribeca Rental in NYC for $31,500 - Photo 2
4 days ago
44 North Moore St, Apt PH
Tribeca, Downtown Manhattan, Manhattan
$31,500 3 Bed 4 Bath
By Janna Raskopf
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No Fee
 
Exclusive
  Elevator · Laundry in Unit · Loft
5 Bedrooms, East Village Rental in NYC for $30,000 - Photo 1 5 Bedrooms, East Village Rental in NYC for $30,000 - Photo 2
2 days ago
East 9th Street
East Village, Downtown Manhattan, Manhattan
$30,000 5 Bed 4 Bath
By Cherish Dawn
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No Fee
  Elevator · Laundry in Unit · Hardwood Floors
5 Bedrooms, East Village Rental in NYC for $30,000 - Photo 1 5 Bedrooms, East Village Rental in NYC for $30,000 - Photo 2
4 days ago
East 9th Street
East Village, Downtown Manhattan, Manhattan
$30,000 5 Bed 5 Bath
By Ryan Siciliano
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No Fee
  3,700 ft² · Elevator · Laundry in Unit · Furnished
3 Bedrooms, Upper East Side Rental in NYC for $29,500 - Photo 1 3 Bedrooms, Upper East Side Rental in NYC for $29,500 - Photo 2
4 days ago
East 59th Street
Upper East Side, Upper Manhattan, Manhattan
$29,500 3 Bed 3.5 Bath
By Delroy Bodley
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No Fee
  1,750 ft² · Doorman · Elevator · Laundry in Unit · Hardwood Floors
5 Bedrooms, Upper West Side Rental in NYC for $25,000 - Photo 1 5 Bedrooms, Upper West Side Rental in NYC for $25,000 - Photo 2
2 days ago
315 Cpw, Apt 11S
Upper West Side, Upper Manhattan, Manhattan
$25,000 5 Bed 5 Bath
By Lior Ben-David
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No Fee
 
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Live Video Tour
  3,000 ft² · Doorman · Elevator · Laundry in Unit · Pre-War
4 Bedrooms, Financial District Rental in NYC for $24,000 - Photo 1 4 Bedrooms, Financial District Rental in NYC for $24,000 - Photo 2
4 days ago
50 West St, Apt PH58B
Financial District, Downtown Manhattan, Manhattan
$24,000 4 Bed 4 Bath
By Gilad Azaria
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No Fee
 
Exclusive
  3,594 ft² · Doorman · Elevator · Laundry in Unit
5 Bedrooms, Chelsea Rental in NYC for $23,185 - Photo 1 5 Bedrooms, Chelsea Rental in NYC for $23,185 - Photo 2
1 day ago
West 21st Street
Chelsea, Midtown Manhattan, Manhattan
$23,185 5 Bed 4.5 Bath
By Dmitry Karabutov
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No Fee
  3,500 ft² · Doorman · Elevator
5 Bedrooms, Chelsea Rental in NYC for $23,185 - Photo 1 5 Bedrooms, Chelsea Rental in NYC for $23,185 - Photo 2
2 days ago
W 21st St.
Chelsea, Midtown Manhattan, Manhattan
$23,185 5 Bed 4.5 Bath
By Manuel Gomez
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No Fee
  3,500 ft² · Doorman · Elevator · Laundry in Unit · Hardwood Floors
5 Bedrooms, Chelsea Rental in NYC for $23,185 - Photo 1 5 Bedrooms, Chelsea Rental in NYC for $23,185 - Photo 2
4 days ago
West 21st Street
Chelsea, Midtown Manhattan, Manhattan
$23,185 5 Bed 4.5 Bath
By Imrul Hassan
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No Fee
  3,500 ft² · Doorman · Elevator
3 Bedrooms, Upper West Side Rental in NYC for $22,995 - Photo 1 3 Bedrooms, Upper West Side Rental in NYC for $22,995 - Photo 2
1 day ago
West 80th Street
Upper West Side, Upper Manhattan, Manhattan
$22,995 3 Bed 3 Bath
By Terry Bater
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No Fee
  Doorman · Elevator · Laundry in Unit
3 Bedrooms, Turtle Bay Rental in NYC for $22,985 - Photo 1 3 Bedrooms, Turtle Bay Rental in NYC for $22,985 - Photo 2
5 days ago
222 East 44th Street
Turtle Bay, Midtown East, Midtown Manhattan, Manhattan
$22,985 3 Bed 2 Bath
By Karolina Martinkaite
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No Fee
  Doorman · Elevator · Laundry in Unit
2 Bedrooms, West Village Rental in NYC for $22,500 - Photo 1 2 Bedrooms, West Village Rental in NYC for $22,500 - Photo 2
4 days ago
134 West 10th St, Apt PH
West Village, Downtown Manhattan, Manhattan
$22,500 2 Bed 2 Bath
By Joshua Lieberman
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No Fee
 
Exclusive
  1,540 ft² · Elevator · Pre-War · Loft · Furnished
7 Bedrooms, East Harlem Rental in NYC for $21,265 - Photo 1 7 Bedrooms, East Harlem Rental in NYC for $21,265 - Photo 2
6 days ago
125/ Park Ave
East Harlem, Upper Manhattan, Manhattan
$21,265 7 Bed 5 Bath
By Anne Edling
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No Fee
 
Live Video Tour
  Elevator · Laundry in Unit
2 Bedrooms, Murray Hill Rental in NYC for $20,000 - Photo 1 2 Bedrooms, Murray Hill Rental in NYC for $20,000 - Photo 2
6 hours ago
626 1 St Avenue, Apt 48B
Murray Hill, Midtown Manhattan, Manhattan
$20,000 2 Bed 2 Bath
By Saul Cohen
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No Fee
  Doorman · Elevator · Laundry in Unit
5 Bedrooms, Upper West Side Rental in NYC for $20,000 - Photo 1 5 Bedrooms, Upper West Side Rental in NYC for $20,000 - Photo 2
2 days ago
315 Cpw, Apt 4S
Upper West Side, Upper Manhattan, Manhattan
$20,000 5 Bed 5 Bath
By Lior Ben-David
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No Fee
 
Exclusive
 
Live Video Tour
  3,000 ft² · Doorman · Elevator · Laundry in Unit · Pre-War
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No Fee

The term "No-Fee apartments" is extremely confusing to most renters, even veterans who have lived in NYC most of their lives. A big source of the misunderstanding stems from two different types of apartments that one might advertise as having no broker fee. In the first case, a listing posted directly by the landlord generally has no fee, but ONLY if the renter finds the apartment and contacts the landlord without any assistance from a licensed real estate broker. In the second case, a…

No Fee Apartments for Rent

The term "No-Fee apartments" is extremely confusing to most renters, even veterans who have lived in NYC most of their lives. A big source of the misunderstanding stems from two different types of apartments that one might advertise as having no broker fee. In the first case, a listing posted directly by the landlord generally has no fee, but ONLY if the renter finds the apartment and contacts the landlord without any assistance from a licensed real estate broker. In the second case, a landlord or property manager can offer to pay broker fees on behalf of the renter, which allows any real estate broker or salesperson to advertise the listing as no fee.

How can the same apartment be both no fee and fee depending on the person advertising or showing me the apartment?

Consumers who don't understand the nyc rental market find this paradox to be one of the most frustrating aspects of the apartment search. It is actually very possible for the same exact apartment to be no fee or fee on the same day, and the difference is who is showing you the apartment. If you are able to see the apartment directly from the landlord, usually through the leasing office, then you probably will not need to pay any additional broker fee. However, if you have a professional, licensed real estate salesperson assisting you in your search, and this agent shows you the same apartment, you are likely obligated to pay a broker fee. You will normally have signed documents agreeing to pay a fee if you rent any of the apartment that agent shows you.

Does that mean I am always better off going directly to the landlord instead of using a broker?

Absolutely not! If the landlord is paying the broker fee, many renters reason they can show up without the broker and instantly negotiate a lower rent. The thinking is, by doing a direct deal, the landlord is saving a few thousand dollars by not paying the fee, and therefore some of that savings should be passed on to the renter. In practice, landlords have more loyalty to their broker partners than to any individual renter. Real estate agents bring the landlords new clients all year long, week after week. Intelligent landlords understand they need to keep the brokers happy, and certainly not allow special deals that would alientate the industry. If a building was known to quote lower prices to direct renters than to brokers, then that same building would very quickly not receive much traffic from agents.

What does 1 Month OP mean for an apartment listing or advertisement?

One month OP means that the landlord is paynig the broker one month of rent after the renter has signed a lease and moved into the apartment. Usually, once an agent shows the apartment to a customer, submits an application, and then confirms lease signing, the agent will send an invoice to the management company with the details of the deal, asking for payment. Most landlords will remit the payment within 30-60 day to the brokerage firm, and the firm will pay the appropriate, agreed-upon commission split to the agent.

Why use brokers at all when no fee apartments exist in NYC?

The founders of RentHop originally pondered this question in 2009, which led to the creation of this website! The original plan, as reported in the NY Times article Getting the Agent Without the Fee, by Michael Grynbaum, was to eliminate the need for apartment brokers entirely. The entire story is best told by Lee Lin, quoted below, in a talk he gave to Startup Institute about his experience at Y Combinator.

When we first started RentHop, we assumed all real estate agents were these evil slimeballs that charged huge fees and barely did anything. We thought we could disrupt the entire industry by creating a website and directly connecting renters with landlords. However, one of the best pieces of advice we received during the summer at Y Combinator came from Paul Graham. He told us that if we really thought brokers were useless, then we should try being brokers for a while. So we did! Lawrence and I both flew back to New York, received our real estate licenses, and spent months meeting clients and showing apartments all day long. I lost a lot of weight, climbing all those walkups and roaming around the streets of Manhattan. That was when we realized being a broker is really hard, and that a great agent adds a ton of value. They save everyone a lot of time, visiting dozens of apartments a week only showing the top ten percent or so to customers. By the end of that year, we completely pivoted the focus of our company to matching qualified renters with the best apartment listings, whether they are posted by a landlord, management company, or broker.

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